RIM's 3G BlackBerry on Track for August Début

Weakness in shares of Research In Motion Ltd. (RIMM) led to a decline of nearly 3% in Friday trading on reports that the company’s new 3G BlackBerry will be delayed until August. But Peter Misek, analyst at Canaccord Adams, told clients that he has known about this delay all year and it is not news.

He believes the technical glitches have largely been sorted out and recommends buying RIM shares on the recent weakness. The analyst has a “buy” rating and $180 price target on the stock, saying the premium it trades at versus peers is warranted given RIM’s dominance in the lucrative enterprise market and its growth prospects.

No new handset launches are included in RIM’s first quarter projections, so Mr. Misek believes the 3G launch is on track for August – the company’s second quarter.

He said:

As carriers typically begin to order and receive handsets 4-6 weeks before official launch, we see very little risk to our FQ2 numbers; if anything, the risk is to the upside.